State-owned National Oil Corporation of Kenya Chairman Kiraitu Murungi has urged the government to increase investments in oil production to access potential revenue estimated at 1.1 trillion shillings ($8 billion).
Murungi, who has served previously as energy minister, urged President William Ruto to increase investments into hydrocarbon production to resolve the nation’s debt crisis, state-owned Kenya Broadcasting Corp. reported.
He said Kenya stands to earn at least $8 billion from the Lokichar Basin alone, which will be sufficient to cut borrowing significantly.
The Lokichar field asset is quantified at 472 million barrels recoverable, the report said.
Last month, London-headquartered Tullow Oil said it will take full control of Project Oil Kenya Development following the exit of two joint venture partners, Africa Oil Corp and Total Energies in blocks 10BB,13T and 10BA in the South Lokichar Basin.
“Project Oil Kenya is a low-cost development project that has the potential to unlock material value,” said Tullow Kenya BV Managing Director Madhan Srinivasan.
(Editing by Seban Scaria firstname.lastname@example.org )